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Jan 1, 2013
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shareholders may like high risk bets, particularly high leverage because they get higher returns from those high risks at least until something goes wrong. by contrast, debtholders have traditionally been a force for moderation in the marketplace because they only get a fixed rate of interest whatever the debt obligation promises and when the company starts to take more risk, it is managed. but implicit government backing of the deaths of our largest financial institutions mean that this market discipline has suddenly been undermined. so today i want to talk about my new book, while some firms thrive while others fail, this builds on my work at the financial crisis inquiry commission. we studied internal documents. i can't tell you how many, from financial institutions and their regulators, interviewed ceos risk officers, bankers, traders, regulators, publishingmakers and other people to try to understand from everybody's perspective putting it altogether what went on here and in 2010, we were still in a stage where people on wall street and in the financial system were in shock and p
shareholders may like high risk bets, particularly high leverage because they get higher returns from those high risks at least until something goes wrong. by contrast, debtholders have traditionally been a force for moderation in the marketplace because they only get a fixed rate of interest whatever the debt obligation promises and when the company starts to take more risk, it is managed. but implicit government backing of the deaths of our largest financial institutions mean that this market...
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Jan 6, 2013
01/13
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the reason is the audience is spread out through off-track betting and simulcasting race is a different tracks. there are trucks there are no horse races them that people can wager on horses from other tracks. that said, it is not as popular as it was in the 1930's. a lot of that is in the 1930's the nfl and the nba didn't exist yet. they're also wasn't the proliferation of gambling opportunities. so, things have changed in that way to read it grew in popularity for quite some time and the biggest mistake that raising made was to not allow television. when television came out, they were not allowing a lot of major races to be shown on tv because they were worried people wouldn't bet on them anymore. television went to football and that hurt the sport a lot. it's coming back with a vengeance right now. all of the indicators are on the upswing for the races and i am very optimistic. >> there is no doubt that your [inaudible] >> we have a couple questions over here. >> what's your next book going to be? >> i get asked that a lot. i actually got a whole lot sicker once i finished the book.
the reason is the audience is spread out through off-track betting and simulcasting race is a different tracks. there are trucks there are no horse races them that people can wager on horses from other tracks. that said, it is not as popular as it was in the 1930's. a lot of that is in the 1930's the nfl and the nba didn't exist yet. they're also wasn't the proliferation of gambling opportunities. so, things have changed in that way to read it grew in popularity for quite some time and the...
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Jan 26, 2013
01/13
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that must've been -- today that would be very cothat must've bet would be very controversial. was a controversial? >> hopkins himself was a lightning rod for criticism. and he was considered to be a rasputin, putting evil thoughts into heads. so the controversy that he had all those powers. he was the only civilian admitted into the map room in the white house with all the cables. all the cables came in from all over the world on national security issues. he was the only guy admitted in there to go in there anytime he wanted to. so he was hated by the conservatives of the country at the time. they printed all kinds of scurrilous things about him in "the washington post." despite his thick skin, he was very sincere, particularly about allegations against his wife supposedly taking tools from [inaudible name]. not the jewels that she said she took, but some other ones. [laughter] but yeah, i mean, when they reorganize the state department, he was very severely criticized for packing it with his people, which he did. basically choosing secretary of state. and could there be someb
that must've been -- today that would be very cothat must've bet would be very controversial. was a controversial? >> hopkins himself was a lightning rod for criticism. and he was considered to be a rasputin, putting evil thoughts into heads. so the controversy that he had all those powers. he was the only civilian admitted into the map room in the white house with all the cables. all the cables came in from all over the world on national security issues. he was the only guy admitted in...
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Jan 14, 2013
01/13
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diana said i'll bet my bottom dollar it is a pair of debate outside. so he lived in this mansion of fifth avenue. he entertained his friends, but he slowly faded in the fall of 1945. bernard farouk was one of his favorite cardplaying partners during the final days. then he went into the hospital and died in january -- the end of january 1945 and his funeral was at saint bartholomew's church on fifth avenue. [inaudible] -- other members of roosevelt's brain trust? >> at what is his relationship with rexford talk well i'm probably way more and others are in the new to the brain trust? he was a part of the brain trust. he came into really had up for jobs programs. he did meet occasionally with a group at the department of agriculture. he obviously knew them all. he was close to felix frankfurter. the people that really worked with him for oscar cox and isadora lupine. but he was very close to frances perkins. frances perkins helped him get his job. hey, nancy. >> you tacked a little bit about cordell hull and the extraordinary situation is hopkins being,
diana said i'll bet my bottom dollar it is a pair of debate outside. so he lived in this mansion of fifth avenue. he entertained his friends, but he slowly faded in the fall of 1945. bernard farouk was one of his favorite cardplaying partners during the final days. then he went into the hospital and died in january -- the end of january 1945 and his funeral was at saint bartholomew's church on fifth avenue. [inaudible] -- other members of roosevelt's brain trust? >> at what is his...
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Jan 19, 2013
01/13
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you bet on nonexistent. but this leaves you with a slight problem. a scientific challenge that is right under your nose. if there is no creator, no engineer, no only nip tent conscious presiding over everything, then how did time and space come to be? how did the universe create something so unlikely, so prizing, something that broke every previous rule and made brand new rules of its own? how does a godless cosmos make pro tons, planets, crocodiles, crusaders and milky ways? how does it burp forth you and me? that becomes the quest of a lifetime for you. you will begin in 1956, the it's the mission you will pursue for over half a century, it's the question who's answer, be if you are lucky, can help us reperceive how does the cosmos create? it is the question. it is the god problem. there are clues to the god problem. clues in aristotle's sneaky tricks, clues in galileo's creationism, clues in isaac newton's intelligent design, clues in einstein's pajamas, clues in john conway's game of life, clues in the new kind of science and clues in those darn
you bet on nonexistent. but this leaves you with a slight problem. a scientific challenge that is right under your nose. if there is no creator, no engineer, no only nip tent conscious presiding over everything, then how did time and space come to be? how did the universe create something so unlikely, so prizing, something that broke every previous rule and made brand new rules of its own? how does a godless cosmos make pro tons, planets, crocodiles, crusaders and milky ways? how does it burp...
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Jan 14, 2013
01/13
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and diana said i'll bet my bottom dollar it was avril herriman who bankrolled that. so he lived in this mansion on fifth avenue. he entertained his friends. but he slowly faded in the fall of 1945. bernard pa rook was one of his -- baa rook was one of his favorite card-playing partners during the final days, and then he went into the hospital, and he died in january of -- right at the end of january 1945, and his funeral was at st. bartholomew's church on fifth avenue. i'm sorry, hi. yeah. >> what was hopkins' relationship to tugwell and other members of roosevelt's brain trust? >> yeah. what was his relationship with rexford tugwell and probably ray moley and the others who were in the sort of new deal brain trust. he wasn't part of the brain trust. you know, he came in to really head up the jobs programs. he did meet occasional ri with -- occasionally with sort of that rump group over at the department of agriculture. he obviously knew them all. he was close to felix frankfurter. his guys know -- the people who really worked with him were oscar cox and isadore rubi
and diana said i'll bet my bottom dollar it was avril herriman who bankrolled that. so he lived in this mansion on fifth avenue. he entertained his friends. but he slowly faded in the fall of 1945. bernard pa rook was one of his -- baa rook was one of his favorite card-playing partners during the final days, and then he went into the hospital, and he died in january of -- right at the end of january 1945, and his funeral was at st. bartholomew's church on fifth avenue. i'm sorry, hi. yeah....
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Jan 6, 2013
01/13
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dusty old cask alien that was spoken or written in before and somebody asked me just the other day, i bet if olivo were living today he would have been using social media. and i'm sure he would have. would he have change the language? i don't know. of course that is what we are here to discuss. which would bring us to the subject of the may king of books which is you know the bible tells us, there is no end to the making of books and we are very fortunate to have a great panel of speakers. we are still waiting for the fourth one to calm and i hope she will, dissenting on us like an angel from on high, but we have two representative -- i wanted to make sure we had two representatives of fiction from different houses and i chose nan talese and geofrey kloske because i thought they were two very different corners of the industry and it turns out that jeff, i think it was 10 days or week ago penguin and random house have merged making probably the largest trade publishing conglomerate in the world. although i thought i was inviting people from two corners of the world, they have become one co
dusty old cask alien that was spoken or written in before and somebody asked me just the other day, i bet if olivo were living today he would have been using social media. and i'm sure he would have. would he have change the language? i don't know. of course that is what we are here to discuss. which would bring us to the subject of the may king of books which is you know the bible tells us, there is no end to the making of books and we are very fortunate to have a great panel of speakers. we...
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Jan 4, 2013
01/13
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it makes it sexy and interesting place to work when i bet it will be net a huge positive to get equality people to the cia. despite her -- all of her personal problems, and that i think . >> [inaudible] [inaudible] and somebody should ask that question to the cia. what happened in the last six months. >> they have been cooperative. >> they realize that but it would be hard for any government agency to put their neck on the line saying yeah, i'm going support a by polar agent who is sleeping with an islamic radical. [laughter] >> in some ways it high lights things more when you look at one person. through the journey of david frost, his relationship which it began as a play in a small theater in london and wednesday went to the west end and broadway and a movie. the very first preview performance across nixon in a tiny little theater in london, the entire back row were frost's lawyers. [laughter] the preview david himself was there, having supposedly being given the all clear or told you should see it yourself. he was very shake by it to begin with. and i think for a man incredibly genero
it makes it sexy and interesting place to work when i bet it will be net a huge positive to get equality people to the cia. despite her -- all of her personal problems, and that i think . >> [inaudible] [inaudible] and somebody should ask that question to the cia. what happened in the last six months. >> they have been cooperative. >> they realize that but it would be hard for any government agency to put their neck on the line saying yeah, i'm going support a by polar agent...
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Jan 14, 2013
01/13
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and one of the things that i know of no way to gather any real and critical bet on, and you will make, is make an analogy to when we first started dealing with the issue of crack cocaine. moynihan and i back in the early '80s -- coming from the bahamas actually. although i was senior, i was not equal to patrick moynihan. i never forget him standing up on the floor of the senate and holding up what was called and photostat a copy of a newspaper, front page of the newspapers from, i think 1937 or eight, where one of the mafia bosses was gunned down in a barber chair and riddled with the blood. he was just about decapitated with a machine gun, and it made the front page of every paper in america. then he held up, if i'm not mistaken, a "new york times," and he referenced a story and that happen, if i'm not mistaken, in the bronx where an entire family, grandmother, mother and father, three or four children, and in local were murdered execution style in their apartment. it made page 57 of "the new york times." he referred to it as defining deviancy down. and there's no major i'm aware of
and one of the things that i know of no way to gather any real and critical bet on, and you will make, is make an analogy to when we first started dealing with the issue of crack cocaine. moynihan and i back in the early '80s -- coming from the bahamas actually. although i was senior, i was not equal to patrick moynihan. i never forget him standing up on the floor of the senate and holding up what was called and photostat a copy of a newspaper, front page of the newspapers from, i think 1937 or...
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Jan 7, 2013
01/13
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i prefer the bet that we did make. i'm all in favor of getting the japanese to pay more. and by the way, i'm proud of the fact that when i was undersecretary for mr. cheney, we got our allies to pay the entire $55 billion cost of desert storm. we didn't pay a nickel of added cost. we actually had a net positive balance of payments that year, as a matter of fact. and it took some rather heavy diplomacy with the japanese. but, by the way, one reason we were successful was because the japanese needed us. the people in the persian gulf are too weak to manage on their own, they need us. i think they're not quite sure whether we'll be there when they do need us. but the fact that we have been there almost ever since b the british abandoned aiden is the fact that there has been no serious -- [audio difficulty] since that 1973 oil embargo is because we have been there and because we were there when saddam invaded kuwait. i really worry the are e balancing -- the rebalancing may really be a pivot as was originally described, and that we will move from the middle east, and god know
i prefer the bet that we did make. i'm all in favor of getting the japanese to pay more. and by the way, i'm proud of the fact that when i was undersecretary for mr. cheney, we got our allies to pay the entire $55 billion cost of desert storm. we didn't pay a nickel of added cost. we actually had a net positive balance of payments that year, as a matter of fact. and it took some rather heavy diplomacy with the japanese. but, by the way, one reason we were successful was because the japanese...